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Old 02-15-2017, 02:19 AM
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Fxwirepro: Usd/sgd Consolidates Around 1.42 Mark, Bias Remains Neutral



USD/SGD is currently trading around 1.4219 marks.

It made intraday high at 1.4232 and low at 1.4191 levels.

Intraday bias remains neutral till the time pair holds key resistance at 1.4250 marks.

A daily close above 1.4250 will test key resistances at 1.4297, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.

Alternatively, a consistent close below 1.4200 will drag the parity down towards key supports at 1.4136/1.4083/1.3972/1.3819/1.3775/1.3704/1.3646 levels respectively.

Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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